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July 11, 2024 at 04:58 PM
U.S. individual life insurance application activity was 6.4% lower in June than in June 2023, according to MIB Group.
The life insurance group says activity for people ages 71 and older increased 3.4% and that the number of whole life applications they submitted increased more than 10%.
Activity for members of all other age groups fell, year-over year.
In May, the index fell 0.6%.
What it means: The results could be a sign that older people are buying more final expense insurance or making more use of whole life to serve as a vehicle for paying for long-term care.
Age breakouts: Here’s what happened to activity for each age group between June 2023 and the latest month:
- Ages 0-30: -4.7%
- Ages 31-40: -8.1%
- Ages 51-60: -9.4%
- Ages 61-70: -4%
- Ages 71 and older: +3.4%
Coverage costs: Policygenius, a web broker, creates monthly price charts based on the prices that term life issuers offer Policygenius customers.
